Real estate experts task FG on practicable housing policy, others

Operators in the Nigerian real estate development industry, say that there is a need to look at the sources of financing construction of housing to make life meaningful for Nigerians and also make housing affordable for all.

Director of Locke Homes Properties Ltd, Idowu Bakare, stated this on Tuesday while presenting the key to a 3-bedroom flat at the Gold Estate, Ayobo Ipaja, Lagos to Miss Chioma joy Oruh who emerged winner in the Win-A-Home-Today lottery organized organised by the Home Lottery Limited in conjunction with Locke Homes and MTN.

He said the lack of affordable mortgage availability has been a big problem confronting affordable housing scheme in the country. “People haven’t been able to afford the deposits required to secure a mortgage and, put simply, if people can’t buy, builders can’t build.

“That there’s a need for more affordable housing in Nigeria is beyond question. The government needs to ensure new schemes are implemented swiftly and effectively so that as many developers as possible are up and running with them at the earliest opportunity,” he said.

Also speaking at the presentation, Oladayo Oyelaja, who is the lead advocate for Home Lottery Ltd, operators of ‘Win A Home Today’ Lottery, said the company is determined to give out more houses through the lottery scheme which is going to be a monthly affair.

According to him, the initiative is strategically designed to advance and complement the government’s target of achieving housing for all citizenry. He said winners are expected every month and everybody can be part of the exercise by just texting “Home’ to 718 on their MTN line when they have over N250 credit.

He said the procedure for picking eventual winners is strictly monitored to ensure that the process is not manipulated. Speaking further, Oyelaja said regulatory agencies like the Consumer Protection Council, Lagos state lottery board and as well as other independent bodies are involved during the draws to pick winners.

Expressing her joy, winner of the new 3-bedroom flat, Chioma Joy Oruh, an accountant, said she couldn’t believe her hears when she got the message that she had won.

“It’s still like a dream. I played the lottery last year. Right now, I’m speechless but I’m happy and I want every other person out there to also play and benefit from this one in a lifetime opportunity.”

She emerged winner after the first set of draws was supervised by officials of the National Lottery Regulatory Commission (NLRC), CPC and several other independent professional bodies.